IT News

London-based exchange, ‘London Block Exchange’, are now not only going to be allowing their customers to buy various cryptocurrencies, converted from pound sterling, but also spend them in any store which accepts Visa, thanks to a new debit card.

In a statement by Ben Dives, founder, he stated that “If a shop accepts Visa, it now accepts Bitcoin, Ethereum, Litecoin or Ripple”. Along with spending in stores, this card will also be able to allow customers to withdraw cash from any cash machine.

Changing the scene of Bitcoin spending in London

Dives also commented that “Despite being the financial capital of the world, London is a difficult place for investors to enter and trade in the cryptocurrency market.” Stating that “We’re confident we’ll transform this market in the UK and will become the leading cryptocurrency and blockchain consultancy for institutional investors and consumers alike."

The offerings from LBX will further open not only London, but the whole UK, to the world of cryptocurrency. The timing comes well as this year has seen a near 500% increase in the value of Bitcoin, with the cryptocurrency market hitting near-to $200 billion.

Timing is vital – competition is coming

LBX is trying to lead the way for offering cryptocurrency card’s in the UK, however, Revolut is developing similar capabilities in its application, which may offer the same things as LBX currently do.

Revolut is a much bigger name in the IT/financial world with a lot of more backing behind it, so the timing from LBX comes well. However, LBX is currently open for registration for its opening next month, meaning the public can be using this platform as soon as a few weeks from now.

Dives has a lot of confidence in LBX and states “We aim to be the de facto exchange for Britons within six months.”